Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

C.P. Tower Growth Leasehold Property Fund (CPTGF.BK)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$3.51 - $4.97$4.23
Multi-Stage$5.61 - $6.14$5.87
Blended Fair Value$5.05
Current Price$5.05
Upside-0.05%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS-10.44%0.00%0.460.670.580.700.830.800.810.780.780.62
YoY Growth---30.29%14.26%-17.39%-14.76%2.71%-0.32%3.75%0.15%25.43%0.00%
Dividend Yield--8.83%9.05%6.85%7.49%8.10%6.19%6.46%5.48%5.55%6.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)518.66
(-) Cash Dividends Paid (M)328.49
(=) Cash Retained (M)190.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)103.7364.8338.90
Cash Retained (M)190.17190.17190.17
(-) Cash Required (M)-103.73-64.83-38.90
(=) Excess Retained (M)86.44125.34151.27
(/) Shares Outstanding (M)967.00967.00967.00
(=) Excess Retained per Share0.090.130.16
LTM Dividend per Share0.340.340.34
(+) Excess Retained per Share0.090.130.16
(=) Adjusted Dividend0.430.470.50
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.51$4.23$4.97
Upside / Downside-30.55%-16.27%-1.65%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)518.66513.47508.34503.25498.22493.24508.04
Payout Ratio63.33%68.67%74.00%79.33%84.67%90.00%92.50%
Projected Dividends (M)328.49352.59376.17399.25421.83443.91469.93

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)317.33320.57323.81
Year 2 PV (M)304.70310.95317.26
Year 3 PV (M)291.05300.05309.24
Year 4 PV (M)276.76288.23300.05
Year 5 PV (M)262.13275.78289.99
PV of Terminal Value (M)3,970.494,177.244,392.52
Equity Value (M)5,422.465,672.825,932.87
Shares Outstanding (M)967.00967.00967.00
Fair Value$5.61$5.87$6.14
Upside / Downside11.04%16.17%21.49%

High-Yield Dividend Screener

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